MATTHEWS, N.C. — Rising gas prices and a cautious consumer environment continues to benefit the dollar store, with Family Dollar being the latest example. The company reported that net income for the second quarter of fiscal 2012, ended Feb. 25, increased 10.7% to $136.4 million compared with net income of $123.2 million for the second quarter of fiscal 2011. Net income per diluted share for the quarter increased 17.3% to $1.15 compared with 98 cents for the second quarter of fiscal 2011.
Total net sales for the second quarter of fiscal 2012 increased 8.6% to $2.46 billion compared with total net sales of $2.26 billion in the second quarter of fiscal 2011. Comparable-store sales increased 4.5%, thanks to increased customer traffic and increased average ticket. Sales were strongest in the consumables and seasonal and electronics categories.
“I’m very pleased to report that we delivered our 16th consecutive quarter of double-digit earnings per share growth. Our investments to improve the shopping experience and broaden our customer appeal are gaining momentum and continue to drive higher returns for our shareholders,” said Howard Levine, chairman and CEO. “Our strategy to provide value and convenience continues to resonate in this economic environment. As we execute against our strategic plan, our store teams are working hard to expand our merchandise assortment to better meet our customer’s needs and drive further market share gains.”
For the third quarter, the company expects that comparable store sales will increase between 5% and 7% and that earnings per diluted share will be between $1.01 and $1.11, compared with 91 cents in the third quarter of fiscal 2011.
For the full year, the company expects that earnings per share will be between $3.55 and $3.75 compared with $3.12 in fiscal 2011.